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103Qantas |Annual Report 2007
Notes to the Financial Statements
for the year ended 30 June 2007
Qantas Group Qantas
As lessee 2007
$M
2006
$M
2007
$M
2006
$M
Future net operating lease and rental commitments not provided for in the Financial Statements 3,322.9 2,792.1 1,759.6 1,673.4
Payable
Not later than one year 568.4 534.9 370.7 355.4
Later than one year but not later than five years 1,677.9 1,309.2 833.9 777.3
Later than five years 1,085.8 951.5 562.8 542.6
3,332.1 2,795.6 1,767.4 1,675.3
Less: provision for potential under recovery of rentals on unused premises available
for sub-lease (included in onerous contract provision) 9.2 3.5 7.8 1.9
3,322.9 2,792.1 1,759.6 1,673.4
Operating lease commitments represent:
Cancellable operating leases 991.8 842.6 974.0 835.4
Non-cancellable operating leases:
Aircraft leases–2,331.1 1,949.5 785.6 838.0
3,322.9 2,792.1 1,759.6 1,673.4
Non-cancellable operating lease commitments, excluding unguaranteed
residual payments, not provided for in the Financial Statements:
Payable
Not later than one year 391.0 405.2 200.5 227.6
Later than one year but not later than five years 1,287.0 963.0 453.3 435.6
Later than five years 653.1 581.3 131.8 174.8
2,331.1 1,949.5 785.6 838.0
The Qantas Group leases aircraft, buildings and plant and equipment under operating leases with expiry dates between one and 35 years. The Qantas
Group has the right to negotiate extensions on most leases.
As lessor
Qantas leases out freighter aircraft under long-term operating leases with rentals received monthly.
Receivable
Not later than one year 10.7 –4.7 –
Later than one year but not later than five years 46.8 –18.7 –
Later than five years 76.5 –28.6 –
134.0 –52.0 –
21. Capital Expenditure Commitments
$M $M $M $M
Capital expenditure commitments contracted but not provided
for in the Financial Statements:
Aircraft 11,233.5 9,801.3 11,226.6 9,783.2
Building works 48.6 101.3 48.3 100.6
Other 150.9 98.7 136.3 81.7
11,433.0 10,001.3 11,411.2 9,965.5
Payable
Not later than one year 916.3 1,349.4 899.2 1,317.1
Later than one year but not later than five years 8,511.4 4,753.1 8,506.7 4,749.6
Later than five years 2,005.3 3,898.8 2,005.3 3,898.8
11,433.0 10,001.3 11,411.2 9,965.5
The above amounts exclude uncommitted aircraft purchase payments that may be made if cancellable aircraft options are exercised.
20. Operating Lease and Rental Commitments